{"id":64768,"date":"2026-06-10T18:00:00","date_gmt":"2026-06-10T10:00:00","guid":{"rendered":"https:\/\/www.greenpeace.org\/malaysia\/?p=64768"},"modified":"2026-06-22T16:13:29","modified_gmt":"2026-06-22T08:13:29","slug":"understanding-the-climate-debt-of-extreme-wealth","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/malaysia\/report\/64768\/understanding-the-climate-debt-of-extreme-wealth\/","title":{"rendered":"Understanding the Climate Debt of Extreme Wealth"},"content":{"rendered":"\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-cta\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.greenpeace.org\/static\/planet4-malaysia-stateless\/2026\/06\/153bb639-gpi_climatedebt_report.pdf\">Download the Full Report<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-cta\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.greenpeace.org\/static\/planet4-malaysia-stateless\/2026\/06\/16a41e85-gpi_climatedebt_report_executivesummary_.pdf\">Executive Summary<\/a><\/div>\n<\/div>\n\n<figure class=\"wp-block-image alignright size-full is-resized\"><a href=\"https:\/\/www.greenpeace.org\/static\/planet4-malaysia-stateless\/2026\/06\/153bb639-gpi_climatedebt_report.pdf\"><img loading=\"lazy\" decoding=\"async\" width=\"584\" height=\"826\" title=\"Screenshot 2026-06-22 155018\" src=\"https:\/\/www.greenpeace.org\/static\/planet4-malaysia-stateless\/2026\/06\/ec900031-screenshot-2026-06-22-155018.png\" alt=\"\" class=\"wp-image-64772\" style=\"width:284px;height:auto\" srcset=\"https:\/\/www.greenpeace.org\/static\/planet4-malaysia-stateless\/2026\/06\/ec900031-screenshot-2026-06-22-155018.png 584w, https:\/\/www.greenpeace.org\/static\/planet4-malaysia-stateless\/2026\/06\/ec900031-screenshot-2026-06-22-155018-212x300.png 212w, https:\/\/www.greenpeace.org\/static\/planet4-malaysia-stateless\/2026\/06\/ec900031-screenshot-2026-06-22-155018-240x340.png 240w\" sizes=\"auto, (max-width: 584px) 100vw, 584px\" \/><\/a><\/figure>\n\n<p>A very small group of ultra-wealthy individuals is associated with disproportionate costs of climate harm, driven alarmingly by their ownership of and investments in high-emitting activities alongside their carbon-intensive lifestyles, a new Greenpeace Africa report revealed. The report illustrates (in $) the sheer enormity of this climate responsibility and the huge concentration by the world\u2019s ultra-wealthy, suggesting this should factor into the debate on \u2018who should pay\u2019 for the climate crisis.<br><br>In 2022, the investments of the world\u2019s richest 0.01% were associated with an estimated US$992 billion in what the report describes as climate debt \u2013 the monetised climate damages associated with emissions exceeding an equitable share of the remaining carbon budget consistent with a 1.5\u00b0C pathway. By comparison, the report estimates the consumption-based climate debt of the world\u2019s richest 0.01% at US$405 billion in 2022.<br><br>Key takeaways from the report:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Climate debt is highly concentrated at the very top of the global wealth distribution. As wealth concentration increases, so too does the scale of associated climate debt.<\/li>\n\n\n\n<li>Ownership-based emissions \u2013 those linked to investment portfolios and capital holdings \u2013 are considerably more concentrated among the wealthiest groups than consumption-based emissions, highlighting the growing role of capital ownership and investment structures in driving highly unequal climate responsibility.\u00a0<\/li>\n\n\n\n<li>Ownership-based climate responsibility and extreme wealth concentration are heavily concentrated among wealthy groups and some jurisdictions, while the countries facing the greatest climate vulnerability, climate damage, or climate finance needs are often located elsewhere.\u00a0<\/li>\n<\/ul>\n\n<p>Greenpeace International is calling on governments to integrate the polluter-pays principle into climate and fiscal policy frameworks and to commit under the UN Tax Convention (UNFCITC) to effective taxation of ultra-high-net-worth individuals and major corporate polluters, including through legally binding rules on taxing rights, transparency and measures to combat tax abuse.<br><br>As climate finance needs continue to grow, discussions under the United Nations Framework Convention on Climate Change (UNFCCC) and the UN Tax Convention should increasingly be seen as complementary processes to help mobilise the resources needed for climate action and sustainable development.<\/p>\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-cta\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.greenpeace.org\/static\/planet4-malaysia-stateless\/2026\/06\/153bb639-gpi_climatedebt_report.pdf\">Download the Full Report<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-cta\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.greenpeace.org\/static\/planet4-malaysia-stateless\/2026\/06\/16a41e85-gpi_climatedebt_report_executivesummary_.pdf\">Executive Summary<\/a><\/div>\n<\/div>\n\n<div class=\"wp-block-group has-grey-200-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<section class=\"block accordion-block \"><header><h2 class=\"page-section-header\">Frequently asked questions<\/h2><\/header><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;What is climate debt?<\/strong&gt;\">&lt;strong>What is climate debt?&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">Climate debt refers to the estimated monetised climate damages associated with emissions that exceed an equitable share of the remaining carbon budget consistent with a 1.5\u00b0C pathway.<br><br>This report estimates climate debt by looking at excess emissions and attaching a monetary value to the damage they cause.<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;What does \u201cownership-based climate debt\u201d mean?<\/strong&gt;\">&lt;strong>What does \u201cownership-based climate debt\u201d mean?&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">Ownership-based climate debt refers to the monetised climate damages related to being the owner of carbon-intensive assets and investments (stocks and shares, etc.), rather than to consumption (the responsibility for lifestyle-related climate damages).<br><br>In simple terms, it asks: who owns and profits from the industries and economic activities driving emissions?<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Why focus on the super rich?<\/strong&gt;\">&lt;strong>Why focus on the super rich?&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">Because the report shows that climate debt is highly concentrated at the very top of the global wealth distribution.<br><br>The richest few (the global top 0,01% \u2013 individuals with wealth of\u00a0 approximately US$38 million or more) are associated with a disproportionate share of ownership-based emissions and climate debt. The findings suggest that for the ultra-wealthy, climate responsibility is linked not only to consumption, but significantly to the ownership of carbon-intensive assets and investments and that their estimated magnitude of scale is such that, if taxed, could contribute significantly to developing countries\u2019 climate finance needs.\u00a0<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Is this about taxing ordinary people?<\/strong&gt;\">&lt;strong>Is this about taxing ordinary people?&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">No.<br><br>This is not about taxing everyday people who are already struggling with rising costs, climate disasters, and broken systems.<br><br>This is about taxing extreme wealth and carbon-intensive investments so that those who have contributed most to the crisis help fund the solutions.<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;What can taxing extreme wealth fund?<\/strong&gt;\">&lt;strong>What can taxing extreme wealth fund?&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">Taxing extreme wealth could help fund renewable energy, climate adaptation, loss-and-damage responses, resilient infrastructure, public services, and support for communities most affected by climate change.<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;What can I do?<\/strong&gt;\">&lt;strong>What can I do?&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">You can sign the petition, share the report, talk about climate debt, and join the call to tax extreme wealth and fund a greener, fairer future.<\/p><\/div><\/div><\/section>\n<\/div>\n\n<div class=\"wp-block-group has-grey-200-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<section class=\"block accordion-block \"><header><h2 class=\"page-section-header\">What are key terms and concepts used in the report and what do they mean?<\/h2><\/header><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Climate debt<\/strong&gt;\">&lt;strong>Climate debt&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">Climate debt is defined as the excess emissions of a specific income or wealth group above an equitable-share benchmark. It is calculated by identifying emissions that exceed an equitable per capita share of the remaining carbon budget and multiplying these excess emissions by a social cost of carbon (SCC).<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Excess emissions<\/strong&gt;\">&lt;strong>Excess emissions&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">Emissions attributed to an income or wealth group that exceed an equitable per capita share of emissions consistent with a 1.5\u00b0C pathway.<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Equitable share<\/strong&gt;\">&lt;strong>Equitable share&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">The equitable per capita emissions share under a 1.5\u00b0C pathway. Emissions above this level are treated as excess emissions.<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Social cost of carbon (SCC)<\/strong&gt;\">&lt;strong>Social cost of carbon (SCC)&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">An estimate of the economic damage caused by an additional tonne of CO\u2082 emissions. The report uses an SCC of US$283 per tCO\u2082 (2020), based on Moore et al. (2024).<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Consumption-based emissions<\/strong&gt;\">&lt;strong>Consumption-based emissions&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">Emissions attributed to individuals based on their consumption of goods and services, including emissions embedded in imported products. This approach captures the full carbon footprint of consumer lifestyles.<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Ownership-based emissions<\/strong&gt;\">&lt;strong>Ownership-based emissions&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">Emissions attributed to individuals based on their ownership of capital assets, such as shares in companies or stakes in private firms. The emissions generated by these assets are assigned to their owners, regardless of their personal consumption.<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;High-net-worth individuals (HNWIs)<\/strong&gt;\">&lt;strong>High-net-worth individuals (HNWIs)&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">The report applies the concept of climate debt to high-net-worth individuals (HNWIs), focusing on the top 10%, top 1%, top 0.1%, and top 0.01% of the global income and wealth distribution.<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Ultra-high-net-worth individuals (UHNWIs)<\/strong&gt;\">&lt;strong>Ultra-high-net-worth individuals (UHNWIs)&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">In this report, the top 0.01% are referred to as ultra-high-net-worth individuals (UHNWIs). The wealth threshold for this group is US$38 million PPP.<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Top 0.01%<\/strong&gt;\">&lt;strong>Top 0.01%&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">Approximately 800,000 individuals when referring to the whole world population (or 556,000 adults when using adult-population wealth data).<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Polluter-pays principle<\/strong&gt;\">&lt;strong>Polluter-pays principle&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">The principle that responsibility for climate damages should be linked to responsibility for emissions. The report uses this principle as one of the foundations for applying climate debt to HNWIs.<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Ability-to-pay principle<\/strong&gt;\">&lt;strong>Ability-to-pay principle&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">The principle that those with greater economic capacity should contribute more to addressing climate change and climate damages.<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Climate vulnerability<\/strong&gt;\">&lt;strong>Climate vulnerability&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">The report uses the ND-GAIN Index to assess countries\u2019 vulnerability to climate change and their readiness and capacity to adapt.<\/p><\/div><\/div><div class=\"accordion-content\"><div class=\"accordion-headline\" name=\"<strong&gt;Climate finance<\/strong&gt;\">&lt;strong>Climate finance&lt;\/strong><\/div><div class=\"panel panel-hidden\"><p class=\"accordion-text\">Finance for mitigation, adaptation, and loss and damage. The report compares the climate debt of extreme wealth with estimates of global climate finance needs.<\/p><\/div><\/div><\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A very small group of ultra-wealthy individuals is associated with disproportionate costs of climate harm, driven alarmingly by their ownership of and investments in high-emitting activities alongside their carbon-intensive lifestyles, a new Greenpeace Africa report revealed.<\/p>\n","protected":false},"author":33,"featured_media":64772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"p4_og_title":"","p4_og_description":"","p4_og_image":"","p4_og_image_id":"","p4_seo_canonical_url":"","p4_campaign_name":"","p4_local_project":"","p4_basket_name":"","p4_department":"","footnotes":""},"categories":[131,126],"tags":[84,110,117,108],"p4-page-type":[101],"class_list":["post-64768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate-and-pollution","category-policy-and-justice","tag-environmental-justice","tag-investigations","tag-greenwashing","tag-human-rights","p4-page-type-report"],"_links":{"self":[{"href":"https:\/\/www.greenpeace.org\/malaysia\/wp-json\/wp\/v2\/posts\/64768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.greenpeace.org\/malaysia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.greenpeace.org\/malaysia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.greenpeace.org\/malaysia\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/www.greenpeace.org\/malaysia\/wp-json\/wp\/v2\/comments?post=64768"}],"version-history":[{"count":1,"href":"https:\/\/www.greenpeace.org\/malaysia\/wp-json\/wp\/v2\/posts\/64768\/revisions"}],"predecessor-version":[{"id":64773,"href":"https:\/\/www.greenpeace.org\/malaysia\/wp-json\/wp\/v2\/posts\/64768\/revisions\/64773"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.greenpeace.org\/malaysia\/wp-json\/wp\/v2\/media\/64772"}],"wp:attachment":[{"href":"https:\/\/www.greenpeace.org\/malaysia\/wp-json\/wp\/v2\/media?parent=64768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.greenpeace.org\/malaysia\/wp-json\/wp\/v2\/categories?post=64768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.greenpeace.org\/malaysia\/wp-json\/wp\/v2\/tags?post=64768"},{"taxonomy":"p4-page-type","embeddable":true,"href":"https:\/\/www.greenpeace.org\/malaysia\/wp-json\/wp\/v2\/p4-page-type?post=64768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}